[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 大华股份(002236)公司点评报告 2025 年 04 月 12 日 [Table_Title] 营业收入基本持平，加大研发布局未来 ——大华股份(002236.SZ)2024 年年度报告点评 [Table_Summary] 事件： 公司于 2024 年 3 月 28 日收盘后发布《2024 年年度报告》。 点评： 营业收入同比基本持平，国内外诸多因素致净利润下滑 2024 年，公司坚持精细化管理和高质量发展的经营理念，实现营业收入 321.81 亿元，同比下降 0.12%；实现归母净利润 29.06 亿元，同比下降 60.53%，主要是 2023 年出售零跑股权对利润的影响导致；实现扣非归母 净利润 23.47 亿元，同比下降 20.74%；受需求收缩、竞争加剧影响，全年 实现毛利率 38.84%，同比下滑 2.8%。公司延续了费用结构强管控的策略， 全年三费总额 105 亿元，与 2023 年基本持平。受汇率波动影响，本年度汇 兑收益 0.37 亿元，较上年同期收窄 1.43 亿元，影响当期利润增速。 国内业务有所承压，海外及创 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - The company reported a slight decline in revenue for 2024, with total revenue at 32.18 billion yuan, down 0.12% year-on-year, and a significant drop in net profit by 60.53% to 2.91 billion yuan, primarily due to the impact of selling equity in 2023 [1][2]. - Despite domestic business challenges, overseas and innovative segments showed resilience, with overseas revenue growing by 6.31% to 16.29 billion yuan and innovative business revenue increasing by 13.44% to 5.57 billion yuan [2][3]. - The company continues to invest heavily in R&D, with expenditures reaching 4.21 billion yuan, representing 13.09% of revenue, focusing on AI and other advanced technologies [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 32.18 billion yuan, with a net profit of 2.91 billion yuan and a non-recurring net profit of 2.35 billion yuan, reflecting a year-on-year decline of 20.74% [1][7]. - The gross margin for the year was 38.84%, down 2.8% from the previous year, influenced by demand contraction and increased competition [1][2]. Business Segments - Domestic revenue fell by 5.95% to 15.89 billion yuan, with government business down 6.37% to 4.06 billion yuan due to low investment and local debt pressures [2]. - The enterprise business also saw a decline of 4.15% to 8.71 billion yuan, while the overseas business showed growth, reaching 16.29 billion yuan [2]. R&D and Innovation - The company maintained a strong focus on R&D, with a budget of 4.21 billion yuan, up 6.20% year-on-year, emphasizing AI and multi-dimensional perception technologies [3]. - The company is advancing its AI capabilities with the launch of various models, including visual, language, and multi-modal AI models [3]. Profit Forecast - The forecast for 2025-2027 indicates revenue growth to 34.53 billion yuan in 2025, with net profit expected to rise to 3.19 billion yuan in 2025, reflecting a recovery trend [4][7].

ZHEJIANG DAHUA TECHNOLOGY CO., LTD. Environmental, Social and Governance Report Contents | About This Report | 03 | | --- | --- | | Statement from the Chairman | 04 | | Introduction to Dahua | 05 | | Corporate Introduction | 05 | | Development History | 06 | | Corporate Strategy | 07 | | Honors and Awards | 08 | | Sustainable Development | 09 | | ESG Governance Structure | 09 | | ESG Strategic Framework | 10 | | Stakeholder Engagement | 12 | | Double Materiality Assessment | 13 | | Feature: Technology for S ...

证券代码：002236 证券简称：大华股份 公告编号：2025-036 浙江大华技术股份有限公司 关于 2024 年度股东大会增加临时提案 暨股东大会补充通知的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江大华技术股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开 第八届董事会第十一次会议，审议通过了《关于召开 2024 年度股东大会的议案》， 定于 2025 年 4 月 21 日召开 2024 年度股东大会。2025 年 4 月 8 日，公司召开第 八届董事会第十二次会议审议通过了《关于回购公司股份方案的议案》，该议案 需提交股东大会审议。具体内容详见公司于 2025 年 3 月 29 日及 4 月 9 日在《证 券时报》及巨潮资讯网（www.cninfo.com.cn)披露的相关公告。 为提高决策效率，公司控股股东、实际控制人傅利泉先生于 2025 年 4 月 8 日向公司董事会提交了《关于提请增加浙江大华技术股份有限公司 2024 年度股 东大会临时提案的函》，提请将回购公司股份方案以临时提案的方式提交公司 2024 年度 ...

证券代码：002236 证券简称：大华股份 公告编号：2025-034 浙江大华技术股份有限公司 第八届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 基于对公司未来发展前景的信心和对公司价值的高度认可，为维护广大投资 者合法权益增强投资者信心，在综合考虑经营情况、业务发展前景、财务状况以 及未来盈利能力的基础上，董事会同意公司以集中竞价交易方式回购公司部分已 在境内发行的人民币普通股（A 股）股票，用于依法注销减少注册资本。 本次回购股份的价格不超过人民币 27.72 元/股（含本数），回购资金总额为 不低于人民币 3 亿元（含）且不超过人民币 5 亿元（含），按照回购金额上下限、 回购价格上限测算回购数量约为 10,822,511 股--18,037,518 股，约占公司总股 本为 0.33%--0.55%（具体回购股份的数量以回购期满时实际回购的股份数量为 准），实施期限自股东大会审议通过本次回购方案之日起 12 个月内。 同时，公司董事会拟提请股东大会在有关法律、行政法规及规范性文件许可 范围内，授权 ...

证券代码：002236 证券简称：大华股份 公告编号：2025-035 浙江大华技术股份有限公司 关于回购公司股份方案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、拟回购股份种类：公司已发行的人民币普通股（A 股）。 2、回购金额：不低于人民币 3 亿元（含）且不超过人民币 5 亿元（含）。 3、回购价格：不超过人民币 27.72 元/股（含），未超过董事会审议通过回 购方案决议前三十个交易日公司股票交易均价的 150%。 4、回购方式：集中竞价交易方式 5、回购资金来源：自有资金。 6、拟回购数量：按照回购金额下限、回购价格上限测算，预计可回购股份 数量约为 10,822,511 股，约占公司总股本的 0.33%；按回购金额上限、回购价 格上限测算，预计可回购股份数量约为 18,037,518 股，约占公司总股本的 0.55%。 具体回购股份的数量以回购期满时实际回购的股份数量为准。 7、回购期限：自股东大会审议通过回购方案之日起 12 个月内。回购方案实 施期间，若公司股票存在因筹划重大事项连续停牌十个交易日以上情形的，回购 ...

截至2025年4月7日 13:59，中证机器人指数下跌13.04%。成分股方面，矩子科技领跌，均普智能、步科股份、云天励飞、博众精工跟跌。机器人指数 ETF(159526)盘中成交额已达3036.32万元，换手率6.07%。 拉长时间看，截至2025年4月3日，机器人指数ETF近3月累计上涨21.60%。资金流入方面，机器人指数ETF最新资金净流入195.41万元。拉长时间看，近20个 交易日内，合计"吸金"2651.80万元。 机器人指数ETF紧密跟踪中证机器人指数，中证机器人指数选取系统方案商、数字化车间与生产线系统集成商、自动化设备制造商、自动化零部件商以及其 它机器人相关上市公司证券作为指数样本，以反映上市公司中机器人相关证券的整体表现。 数据显示，截至2025年3月31日，中证机器人指数前十大权重股分别为汇川技术、科大讯飞、石头科技、大华股份、中控技术、双环传动、大族激光、机器 人、巨轮智能、拓邦股份，前十大权重股合计占比50.95%。 国金证券研报认为，具身智能是AI最强应用，而智驾和人形机器人则是具身智能最重要两个方向。2024年认为机器人产业主要是巨头独舞，因为机器人是 大模型公司必争赛道，机 ...

Core Viewpoint - The Robot ETF (562500) continues to experience a downward adjustment trend, with a recent decline of 1.99% as of April 3, 2025, despite a strong performance over the past three months, where it has accumulated an 18.82% increase, ranking in the top 20% among comparable funds [3][4]. Performance Summary - As of April 2, 2025, the Robot ETF has seen a total net inflow of 4.37 billion yuan over the last five trading days, with an average daily net inflow of approximately 87.33 million yuan [3]. - The ETF's scale has increased by 95.44 million yuan over the past week, placing it in the top 20% among comparable funds [3]. - The ETF's shares have grown by 401 million shares in the past week, also ranking in the top 20% among comparable funds [3]. - Since its inception, the Robot ETF has achieved a maximum single-month return of 26.22% and an average monthly return of 7.74%, with a total annual profit percentage of 66.67% [3]. Risk and Fee Structure - The Robot ETF has a relatively low drawdown of 0.31% compared to its benchmark, indicating lower risk among comparable funds [4]. - The management fee for the Robot ETF is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [4]. - The tracking error over the past two months is 0.010%, demonstrating the highest tracking precision among comparable funds [4]. ETF Composition - The Robot ETF closely tracks the CSI Robot Index, which includes companies involved in system solutions, digital workshops, automation equipment manufacturing, and other robot-related sectors [4]. - Notable stocks within the ETF include Huichuan Technology (0.89% increase), Keda Xunfei (-0.29% decrease), and Stone Technology (-10.31% decrease) [6].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected relative return of over 20% within six months [7][19]. Core Insights - The company reported a slight decrease in revenue for 2024, achieving 32.18 billion, a year-on-year decline of 0.12%. However, net profit attributable to shareholders fell significantly by 60.53% to 2.91 billion, representing 9.03% of revenue [1][2]. - The company's To G business faced challenges due to cautious local government investments and a slowdown in traditional industry demand, resulting in a revenue drop of 6.37% to 4.06 billion. The To B business also saw a decline of 4.15% to 8.71 billion due to global economic slowdown and intensified competition [2]. - Despite the revenue decline, the company's gross margin was 38.84%, down 3.2 percentage points year-on-year, reflecting the uncertain macroeconomic environment and increased industry competition. However, equity attributable to shareholders increased by 3.77%, and R&D expense ratio rose by 0.78 percentage points, indicating a foundation for long-term development [2]. - The company’s innovative business segments, particularly in machine vision and mobile robotics, showed resilience with a revenue increase of 13.44% to 5.57 billion, accounting for 17.30% of total revenue. Additionally, overseas business revenue grew by 6.31% to 16.29 billion, driven by strong demand in emerging economies [3]. - The company is focusing on AI applications, having developed the "1+2" AI capability system and launched the Xinghan Model 2.0, which enhances language, multimodal, and visual capabilities. This positions the company to capitalize on the growing demand for digital transformation in various industries [4]. Financial Summary - For 2024, the company’s revenue is projected to be 32.18 billion, with a slight decline from the previous year. The net profit attributable to shareholders is expected to be 2.91 billion, a significant decrease from 7.36 billion in 2023 [6][14]. - The company anticipates a recovery in 2025 with a projected net profit of 3.42 billion, reflecting a growth rate of 17.63%. By 2026, net profit is expected to reach 4.39 billion, with a further increase to 4.95 billion in 2027 [5][6]. - The company's EBITDA for 2024 is estimated at 7.24 billion, with a significant drop from 12.13 billion in 2023. The EBITDA margin is expected to improve in the following years as the company stabilizes its operations [6][14].